Radio Atlantic, IA – AM 1220

G&R bankruptcy case update

May 10th, 2013 by Ric Hanson

The Trustee in the bankruptcy case of G & R Feed and Grain Co., Inc., in Portsmouth, has provided an update on the proceedings. Deborah L. Petersen says the Court has approved Del Peterson & Associates to auction the real estate, fixtures, machinery and equipment. The public online auction will be held on June 11, 2013. The online auction will open the week of May 13, 2013 and bidding will be available immediately. Details and information at www.delpeterson.com They can be contacted by phone at 800-492-9090.

A meeting to explain the bidding procedure will be held soon. The feed inventory and soybean meal has been sold as approved by the Court and all has been delivered. Petersen says as Trustee, she will be receiving $ 264,900.00 from the USDA for grain receipts from the sale of grain on hand at the time of filing. The Iowa Department of Ag is in the process of issuing their last few checks and amending their claim in the bankruptcy case.

Petersen says she is in the final stages of collecting accounts receivable that were due to G & R and will begin collection action for those remaining unpaid. She has filed an adversary proceeding against Cargill for the proceeds for the grain delivered in December. And, Petersen has started reviewing claims and still anticipates an interim distribution to creditors in late summer/early fall, again subject to the Court’s approval. The analysis of pre-petition preference claims and postpetition transfers will be done after the claims are reviewed.

The deadline for filing claims in the Bankruptcy is May 20, 2013. If you have a claim for a deferred price contract, or any other amount due you, you should take action to timely file a claim with the Bankruptcy Court. The Trustee has a recorded message that will be updated regularly. You can hear the message at 712-328-8808, option 8. If you have legal questions, including how to file a claim, the Trustee advises that you should contact an attorney of your choice.